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Underinsured Motorist Coverage In New Jersey

Source: Lawyers.com Blog

At Tobin, Reitman, Greenstein, Caruso, Wiener & Konray as New Jersey car accident lawyers we find that often people are not informed about underinsured motorist coverage. In our next two posts we will explain what happens when you are in a New Jersey car accident caused by uninsured motorists and to what degree insurance coverage can help. 

What is underinsured/uninsured motorist coverage, and do I need it?

Auto insurance is mandatory in New Jersey, but the type and cost of that coverage may vary significantly.  When you select an auto insurance policy, your insurance agent usually asks you if you want underinsured/uninsured motorist coverage, unless it is automatically included in the policy—which it usually is when you buy a standard policy.  But if you buy a basic insurance policy, this insurance is likely not included unless you pay extra for it.

You may not be clear on what underinsured/uninsured motorist coverage is or how it benefits you.  Or you may be questioning the objectivity of the agent who advises you to get this add-on, since they get more money if you purchase it.  But if you were to ask just about any experienced New Jersey car accident lawyer for advice on this decision, we suspect you would be encouraged to purchase it, and to purchase more than the minimum coverage.  The minimum limit for uninsured/underinsured motorist property damage coverage is $5,000, but you can buy higher limits.

What underinsured/uninsured motorist coverage is intended to do is to protect you financially when you sustain car damage in an auto accident that was caused by another driver and that driver either has no liability insurance at all or has insufficient coverage to pay for all of your damages.

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